$40 million state grant moves Jersey City high-rise project forward

JERSEY CITY – Mayor Steven Fulop has announced that the first waterfront development in nearly three decades that provides 80 percent market rate and 20 percent affordable units will move forward with help from the New Jersey Economic Development Agency (NJ EDA). The NJ EDA granted $40 million in Economic Redevelopment Grant tax credits to make the project viable.
The approved project, developed by Forrest City Residential Group, will be a 35-story residential tower located in downtown Jersey City. This project is consistent with the administration’s commitment to bring affordable housing all areas of the city including downtown while encouraging market rate development away from the waterfront.
“We couldn’t be more excited about this project moving forward as this will be the first significant onsite affordable housing development in downtown in decades,” said Mayor Fulop.
The first of a multi-phase project known as Hudson Exchange West, the 35-story tower will be 336 market-rate units, 85 affordable units, 10,000 square feet of retail space, an accessory parking garage, new street improvements surrounding the block, as well as a public plaza that includes more than 10,000 square feet of new open space.
“Forest City Residential Group is committed to creating a dynamic new neighborhood that is fully integrated into the fabric of the existing Jersey City community,” said Abe Naparstek, senior vice president, Residential Group, Forest City Enterprises.
Shortly after taking office, Mayor Fulop announced the city’s first-ever Affordable Housing Trust Fund policy that establishes criteria for and incentivizes the development of affordable housing throughout Jersey City, particularly in areas where affordable housing has been under developed.
Construction on the project is slated to begin in late summer, with the first phase creating 350 full-time construction jobs and more than 15 full-time direct jobs.

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